Tycoon goes on the attack before MPs report on the demise of BHS
SIR Philip Green is upping his efforts to assist MPs in their investigation into the collapse of BHS as they prepare to publish a damning report into the retailer’s demise in the coming weeks.
The billionaire Topshop tycoon has written an extensive letter to the Business and Pensions Committees defending his ownership of the department store chain, with their findings due to be published on July 24.
In it, Sir Philip outlines more than £400 million of investment into BHS and claims that he pushed for a “sustainable solution” for the firm’s troubled pension scheme.
He also says that he offered to help bankroll to the tune of £5m a rescue bid for BHS from fellow billionaire and Sports Direct owner Mike Ashley.
“The purchase would include buying all of the stock, for which Mr Ashley offered to pay £10m,” he said.
“This amount was not acceptable to the administrators. It appeared that £15m to close the deal would work and I therefore offered the additional £5m to help the business be sold as a going concern.
“It is clear that we invested substantially in the business, we lent substantial sums to the business and we gave Retail Acquisitions every chance with a solid platform to take the business forward.”
However, Work and Pensions Committee chairman Frank Field said: “Sir Philip is aware we are writing our report and is suddenly volunteering all manner of last-minute assistance.”
A Westminster insider also said: “The committee gets the feeling that Sir Philip, having tried to exert his control over the process, is now understanding that the report will be damning and is attempting to vindicate himself by sending over large swathes of documents.”
Sir Philip’s reputation has taken a battering since BHS collapsed in April, leaving behind a £571m pension deficit and putting 11,000 jobs at risk.
The billionaire, who owned the retailer for 15 years until 2015, has come under fire for taking £400m in dividends from the company and then selling it to Retail Acquisitions, led by serial bankrupt Dominic Chappell for £1.
He has also been heavily criticised for holidaying on his yacht while his former company collapsed.
In response, Sir Philip said: “Frank Field never ceases to surprise me.
“I was merely responding to the questions in a letter that he signed.”